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US needs to catch up on instant payments, RedCompass says

Firms grapple with how to meet instant payment demands while mitigating fraud risks.

RedCompass Labs report highlights the slow adoption of instant payments in the US compared to other countries.

RedCompass surveyed 300 senior payment professionals at US banks to find out if they were meeting the demands of corporate customers and whether legacy systems were holding banks back.

There is significant demand from corporate customers, with 63.6% of corporate bankers observing demand compared to 51.9% of retail bankers.

But despite the demand,

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